Nigeria in 1min: Economic, Business & Financial Headlines – 140416

PROSHARE ECONOMY Total Banks' Credits Rise from N8.6tr in 2010 to N12.9tr in 2015 - NBS - NBS publishes break down of banks credits and deposits by states for 2010-2015. Total bank credits rose from N8.6tr in 2010 to N12.9tn in 2015 while total bank deposits stood at N17.1tn in 2015 from N9.9tn in 2010. Source Proshare Read More

Nigeria to Generate $2bn Revenue from Tourism – Angya - With government and economic drivers working to improve the economy through non-oil sector, the Acting Director General of the Standards Organisation of Nigeria (SON), Dr. Paul Angya, has said Nigeria can rake in billions of dollars from tourism and hospital industry sector. Source Thisday Read More

AfDB seeks $400b to reduce Nigeria’s, others’ food import bill - Africa Development Bank(AfDB) is seeking $400 billion over the next 10 years for an intiative known as Africa Feeding Africa to reduce food importation in Nigeria and the rest of Africa. Source THE NATION Read More

Remittances to developing countries rise marginally in 2015 - Remittances to developing countries grew only marginally in 2015, as weak oil prices and other factors strained the earnings of international migrants and their ability to send money home to their families, says the World Bank’s latest edition of the Migration and Development Brief, released yesterday. Source THE NATION Read More

AfDB current portfolio valued at $3.9bn - African Development Bank (AfDB) in its continued support to the development of a sound policy environment in Nigeria has valued the worth of 46 projects in its portfolio to be $3.9 billion. Source BUSINESSDAY Read More

PROSHARE MARKETSStocks post 3.25% loss in five straight days drop - The equities market closed today on a negative note, as NSE ASI depreciated by 0.01% to close at 24,637.91basis points, compared with the 0.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.98%. Source Proshare Read More

OPEC Warns of Deeper Cuts to Oil Demand Forecast on Slowdown - OPEC said it may deepen cuts to its forecast for global oil demand growth due to slowing economic expansion in emerging markets, warmer weather and the removal of fuel subsidies. Source Bloomberg Read More

AGLEVENT to File 2015 Audited Financial Statements on 29th April 2016 - The management of A.G Leventis Plc. hereby informs our esteemed shareholder and the wider investment community that we were unable to release our Audited Financial Statements on March 31, 2016 as required by the NSE Rules and other regulatory guidelines relating to release of Audited Financial Statements. Source Proshare Read More

ASHAKACEM Issues Notification of Tender Offer by Lafarge Africa Plc - We write to notify the Exchange that Lafarge Africa Plc has received the SEC’s clearance to proceed with the Tender for the entire 392,864,273 ordinary shares held by minority shareholders which represents 17.54% of the issued share capital of the Company. Source Proshare Read More

Public officials earning both Pension and Salaries is double-dipping - Double dipping is the practice of drawing two incomes from the government, usually by holding a government job and receiving a pension. Source Proshare Read More

We spend $1.8bn to import fuel every quarter — NNPC - Nigeria National Petroleum Cooperation, NNPC, has revealed that an average of $1.8 billion is spent on quarterly basis on the importation of Premium Motor Spirit, PMS, also known as fuel, into the country. Source Vanguard Read More

PROSHARE BUSINESSQuantum Global acquires InterContinental Hotel in Lusaka - QG Africa Hotel LP, a Mauritius-based fund managed by QG Investments Africa Management Ltd, a company of the Quantum Global group has acquired 100% interest in the InterContinental Hotel Lusaka from Kingdom Hotel Investments for a gross consideration of USD 35.9 million. The transaction closed on 31 March 2016. Source Proshare Read More

Vantage Capital provides $20m of expansion funding to Nigerian property development company - Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has provided $20 million of funding to Landmark Africa, one of Nigeria’s leading property developers. Source Proshare Read More

World Bank set to provide Egypt with first $1 billion of $3 billion loan - The World Bank will provide the first $1 billion tranche of a $3 billion loan to Egypt after parliament approves the government's economic programme, World Bank vice president Hafez Ghanem said at a news conference late Tuesday. Source Thisday Read More

PROSHARE TECHNOLOGYTelcos Reject New Tax on Electronic Communications Services - Telecommunication companies (Telcos) have collectively rejected fresh plans by the National Assembly to introduce a bill that will promote a new tax on electronic communications services, targeted at operators and their subscribers. Source Thisday Read More